Financial technology and infrastructure company Sargon has launched a new fund administration system for the superannuation and funds management industry, to transform the industry’s ageing technology.
The new full-stack administration technology solution would be available in early 2020 and would seamlessly integrate super funds with key industry participants.
This was expected to enable reliable and secure movement of data and money, utilising global standards in a fully scalable, cloud-hosted service.
Phillip Kingston, Sargon chief executive, said despite the success of Australia’s superannuation industry, it’s annual cost-base exceeded $30 billion.
“A significant portion of these costs arise from fund administration which should be straight-through automated processes supported by capable and efficient customer service and member administration staff,” Kingston said.
“Administration in Australia is far too manual and expensive, costing multiples more than in New Zealand and elsewhere.”
“Although some current systems may have the appearance of modernity, this is largely a façade patched over outdated systems and processes.”
“Conversely, Sargon’s system is built from the ground up, unburdened by legacy issues and leveraging scalable technology enablers such as cloud computing and industry standard gateways.”